While CA stock has been climbing steadily for a decade, it took a dive in mid-1998.

In 1995 the three top managers – who include Executive Vice President for Research and Development Russell Artzt – were offered a bonus of 20.3 million shares of restricted stock if they could raise the share price from $20 to $53.33 by 2000 and keep it there for six months.

Restrictions meant they could not sell it for 10 years or borrow against it. The execs did, however, own the stock, receive dividends and pay taxes on them.

In 1998 the stock managed six months at $53.33, but awarding the bonus caused the company to take a huge charge to earnings of $175 million, causing shareholder outrage.

A stockholder lawsuit demanded that 9.5 million of the 20.3 million shares be returned. In March of this year the suit was settled, the three executives giving back 4.5 million shares.

Scott Kluger, co-director of Responsible Wealth, which is a project of pressure group United for a Fair Economy, advised the shareholders. “As pay packages go, this one was seriously flawed,” he said. “It was just too much money.”

Wang remains the largest individual shareholder with 21.4 million shares. Kumar follows with 4.1 million, and Artzt has around a million.

Like all the big software vendors, Wang and Kumar have recently been attempting to recast Computer Associates as an e-business company.

But investors remain skeptical of sudden moves by the pair, who just last week bought the New York Islanders for a reported $187.5 million.

In May of this year shares dipped when company results for the three months ended March 31 were delayed.